If you are looking to make a little extra money, perhaps renting your home is an option. The role of a landlord can be challenging, but there are a lot of benefits consisting of tax deductions, long term security, and the flexibility of owning your own business.
As you head down the road of being a landlord, here are 5 things to consider:
1. Find a Good Tenant. Run a background and criminal checks on your potential tenants to ensure you are finding ones who will be reliable and pay one time. Be sure to screen them carefully because they will be living in your home and you want someone who is trustworthy.
2. Change Your Homeowners Insurance. When you are looking to rent out your home, you are required to have landlord property insurance specifically for a rental property. Talk to your insurance company to make sure you are covered to keep yourself and your investment protected.
3. Who Will Manage the Property. Being a landlord can be a full time job, so if you don’t have time to put towards it, you might want to consider hiring a management company. Having a property manager takes some of the stress off you and allows flexibility when dealing with tenants.
4. Set Your Price. Potential tenants will be checking out the area for deals and keeping your prices competitive and highlight the valuable aspects of your property.
5. Protect Your Assets. Have a lease the clearly states the agreements between you and the tenant to protect your rights. The lease agreement should have the lease terms, rent due date, upkeeps, security deposit, with some other details your legal representation can advise you on.
For more information about becoming a landlord, check out Renting My House (http://www.rentingmyhouse.net/) for more insights, I would also highly recommend joining the Good Landlord Program (http://www.ogdencity.com/en/doing_business/business_licensing/good_landlord.aspx) for excellent information and potential discounts.
